The former supermarket manager in Tel Aviv, Gal Barak, moved to Sofia sometime in 2015 to devote himself to the binary options scam industry. So the story goes. As a matter of fact, he is the founder of E&G Bulgaria EOOD, Sofia, and shareholder as well as the sole director of broker software provider Tradologic. He and his fiancee Marina Andreeva are responsible for some of the worst binary options, forex, and crypto scams with dozens of thousands of victims and dozens of millions of stolen money. Among others, Gal Barak and E&G Bulgaria operated XTraderFX, SafeMarkets, CryptoPoint, or Golden Markets. Together with his partner Uwe Lenhoff, Gal Barak operated boiler rooms and payment services providers in the Balkans.
Gal Barak currently awaits extradition from Bulgaria to Austria on EU arrest warrant. In Bulgaria, the process was delayed for many months now. Obviously, Barak’s roots go deep in that country, an EU member by the way.
Let’s see what happens on the next court hearing scheduled for September 12, 2019.